On January 23rd, CARW NextGen kicked off with a panel of Commercial Real Estate Developers. Big thanks to Jerry Franke (Franke Development Advisors, LLC); Luke Herder (Phoenix Investors); Brian Adamson (ICAP Development). The panel was moderated by Michael Testa, CCIM (Ogden & Company). This all-star group shared their various perspectives with more than 100 years of expertise. They discussed everything from working with contractors, municipalities, and the ever-evolving landscape that is development.
Here are some key takeaways:
Career Advice
- Stick with the career path if it’s something you want to pursue
- Take risks, ask questions
- Strategic planning is vital for a developer or any role
- Care enough to ask the right questions
A Successful Developer
- Trust that your team knows their job better than you
- Having a good relationship with third parties (contractors, architects, lending, brokers
- Try to anticipate problems that may arise and turn it into an opportunity to create value
- Be an agent of change
- Have a large contingency line item in the budget for a project
- Be willing to work with a lot of different people and be creative
- Stick to a region that you are familiar with and understand the market
- Make sure to do your homework on the site
Building Teams
- Look for someone who can work well with others
- Someone who is in for the long haul and can handle pressure and adapt
- Deals do not get done without brokers
Tools for Life
- Don’t be short-sighted! Always consider the long game.
- Find a partner that shares a similar vision for the future
- Three things to create a successful developer, competency in city planning, finance, and